Feature

Educating Harvard

How two money managers + almost $70 million in pay = a bargain

HARVARD UNIVERSITY'S GIANT endowment continues to post some of the best investment returns in the academic world, owing in large part to the efforts of a pair of low-profile bond managers whose great success earned them an enormous compensation package last year. The two, David Mittelman and Maurice Samuels, are long-time employees of Harvard Management, which oversees the country's largest university endowment -- $19.3 billion at the end of June. Mittelman and Samuels probably are two of the best fixed-income managers in the business, but they keep their secrets to themselves. Neither speaks to the media. When...